Publisher: Capcora GmbH
Vodasun and Fellensiek Projektmanagement secure revolving bridge facilities of EUR 11 million for further growth in German roof-top PV market
Frankfurt am Main (renewablepress) - Capcora, a consulting firm specialized in real assets, arranged two follow-on financings for the realization of different project pipelines in Germany in an amount of approx. 40 MWp per year. Capcora was individually mandated by Vodasun Group and Fellensiek Projektmanagement as Financial Advisor each for the structuring of a revolving credit line.
Vodasun Group from Munich and Fellensiek Projektmanagement from Jever specialise on construction of photovoltaic roof-top plants with a capacity of up to 750 kWp, which currently still benefit from a state-guaranteed 20-year feed-in tariffs. Since September 2019, it is official that the current 52 GW cap, to which the promotion of PV systems in Germany is limited, will fall with the passing of the Coal Exit Act.
With Capcora's support, both companies were able to secure a credit line of EUR 5.5 million which corresponds to a project volume of approx. 6-7 MWp. Since the construction phases for roof systems are rather short and refinancing via long-term project financing usually takes place within 3-6 months, a construction volume of approximately 20 MW per year can be financed if the bridge financing line is used optimally. The credit lines are available to both companies for a period of approx. 3 years.
"We are pleased that we were able to complete this important transaction - despite the existing uncertainty in the market - on schedule within this year. The credit line is an elementary component in achieving our minimum target of 20 MWp next year. We would like to thank Capcora for the innovative concept and their support in its implementation," said Jakob Katzendobler, owner of Vodasun Group.
"Despite the planned abolition of the cap, the remuneration for PV roof systems will continue to fall due to the link to the expansion rates and we will reach electricity market levels in the foreseeable future - with the new bridge financing line we are ideally positioned for this scenario. Due to the revolving nature of the financing, we are achieving standardization in the financing of our projects, which will lead to a higher turnover rate during implementation and increase the planning reliability of our pipeline," says Torsten Fellensiek, Managing Partner of Fellensiek Projektmanagement.
Since 2009, Vodasun plans, builds and operates turnkey photovoltaic systems throughout Germany. The range of services extends from single-family homes to complex large-scale projects with installed capacities in the megawatt range. The Vodasun Group is divided into three companies: Vodasun Akquise und Vertriebs GmbH develops and sells PV projects to private and institutional investors, Vodasun Construction is as EPC company responsible for the turnkey construction and Vodastrom subsequently takes over the commercial and technical management of the plants. The best engineering and the use of high-quality components ensure the yield and longevity of the projects.
About Fellensiek Projektmanagement
Fellensiek Projektmanagement GmbH & Co. KG is based in Jever since 2012. With more than 25 years of experience in project management, FPM develops, builds and operates projects in the fields of photovoltaics, wind power and real estate in Germany and in other European countries. The entire value chain is covered, from the acquisition of suitable land to the marketing of the renewable electricity. Since 2018, the company has also supported social, cultural and environmental projects within the framework of the non-profit society "de Mood".
Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind) and real estate through alternative financing sources.
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Caption: Bridge financing for Vodasun und Fellensiek Projektmanagement
© Capcora GmbH
Frankfurt am Main, 20 December 2019
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